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Is cash dead YET? 



I read a story about cash this week and thought I would share it with you, especially as it’s so relevant to our business sector here at Brookstone with ecommerce.

b2ap3_thumbnail_ecommerce.jpgA new study over in Australia has claimed that cash will be obsolete within the next ten years, as smart phone, tablet and credit card transactions are increasingly becoming the norm – 82% of our transactions are electronic” (personally I’m surprised they’ve given it that long). 

And in case you just rolled your eyes and said “Well that’s fine down under, but it’ll never catch on anywhere near beloved Blighty…”, then you should know that apparently only a few weeks ago Denmark announced that they wouldn’t need to print any more cash and would soon transform into a cashless society. 

 

Some of us might scoff at this idea and clutch our cash to our chest, promising to never leave it; others might shun it and immediately start swiping our cards over everything, but regardless of our own opinions of this story, it does highlight two very important lessons to us as business owners –

  • Like it or not, ecommerce is here to stay
  • The importance of change to the business owner 

Everything changes, nothing lasts forever, even ecommerce as we know it will be left behind by new technology at some point. One of the biggest challenges we face as business owners is being able to adapt to change; to catch any curveball thrown at us (and there are a lot of those, aren’t there?). 

Look at Steve Jobs – he was so willing to adapt to changes in how consumers used new technology that he killed the iPod and created the iPhone. If he hadn’t done it, someone else sure would have!

So, next time I whip my card out this week, or gaze upon her Majesty’s stoic, slightly crinkled face, I’ll consider how well I can adapt to change in my business, because everything changes. You can count on that!

Have a great week, 
 

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